Industrial Utility Vehicle Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
MARKET OVERVIEW
Industrial utility vehicles are specially designed vehicles to carry out a task specific to an industrial utility. It is often also used to carry a small number of passengers. Industrial utility vehicles find application in a wide range of industries including mining, construction, golf courses, agriculture, etc. Growing demand for mobility solutions and energy-efficiency has led to a perfect competition in the market marked by various market players and buyers.
MARKET SCOPE
The "Global Industrial Utility Vehicle Market Analysis to 2031"" is a specialized and in-depth study of the industrial utility vehicle industry with a special focus on the global market trend analysis. The report aims to provide an overview industrial utility vehicle market with detailed market segmentation as type, application, and geography. The report provides key statistics on the market status of the leading industrial utility vehicle market players and offers key trends and opportunities in the industrial utility vehicle market.
MARKET SEGMENTATION
- The global industrial utility vehicle market is segmented on the basis of type, application.
- On the basis of type, the market is segmented as ICE, electric.
- Based on application, the market is segmented as mining, construction, golf courses, agriculture, commercial, others.
MARKET DYNAMICS
Drivers
- Rapid urbanization and industrialization in developing economies
- The growing need of electric utility vehicles due to zero-carbon emission
- Wide range of applications across various industries
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global industrial utility vehicle market based on various segments. It also provides market size and forecast estimates from year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The industrial utility vehicle market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting industrial utility vehicle market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the industrial utility vehicle market in these regions.
IMPACT OF COVID-19 ON INDUSTRIAL UTILITY VEHICLE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global industrial utility vehicle market based on various segments. It also provides market size and forecast estimates from year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The industrial utility vehicle market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting industrial utility vehicle market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the industrial utility vehicle market in these regions.
IMPACT OF COVID-19 ON INDUSTRIAL UTILITY VEHICLE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The reports cover key developments in the industrial utility vehicle market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from Industrial utility vehicle market are anticipated to lucrative growth opportunities in the future with the rising demand for industrial utility vehicle in the global market. Below mentioned is the list of few companies engaged in the industrial utility vehicle market.
The report also includes the profiles of key industrial utility vehicle companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- American LandMaster
- Deere & Company
- Ingersoll-Rand plc
- KUBOTA Corporation
- Polaris Inc.
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
- Textron Inc.
- The Toro Company
- Tropos Technologies Inc.
- Yamaha Motor Co., Ltd.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Industrial Utility Vehicle Market - By Type
1.3.2 Industrial Utility Vehicle Market - By Application
1.3.3 Industrial Utility Vehicle Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. INDUSTRIAL UTILITY VEHICLE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 Europe - Pest Analysis
4.2.2 Asia-Pacific - Pest Analysis
4.2.3 Middle East and Africa - Pest Analysis
4.2.4 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. INDUSTRIAL UTILITY VEHICLE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. INDUSTRIAL UTILITY VEHICLE MARKET - GLOBAL MARKET ANALYSIS
6.1. INDUSTRIAL UTILITY VEHICLE - GLOBAL MARKET OVERVIEW
6.2. INDUSTRIAL UTILITY VEHICLE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. INDUSTRIAL UTILITY VEHICLE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3.
7.3.1. Overview
7.3.2. Market Forecast and Analysis
7.3.3. ICE Market
7.3.3.1. Overview
7.3.3.2. ICE Market Forecast and Analysis
7.3.4. Electric Market
7.3.4.1. Overview
7.3.4.2. Electric Market Forecast and Analysis
8. INDUSTRIAL UTILITY VEHICLE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.
8.3.1. Overview
8.3.2. Market Forecast and Analysis
8.3.3. Mining Market
8.3.3.1. Overview
8.3.3.2. Mining Market Forecast and Analysis
8.3.4. Construction Market
8.3.4.1. Overview
8.3.4.2. Construction Market Forecast and Analysis
8.3.5. Golf Course Market
8.3.5.1. Overview
8.3.5.2. Golf Course Market Forecast and Analysis
8.3.6. Agriculture Market
8.3.6.1. Overview
8.3.6.2. Agriculture Market Forecast and Analysis
8.3.7. Commercial Market
8.3.7.1. Overview
8.3.7.2. Commercial Market Forecast and Analysis
8.3.8. Others Market
8.3.8.1. Overview
8.3.8.2. Others Market Forecast and Analysis
9. INDUSTRIAL UTILITY VEHICLE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. EUROPE
9.1.1 Europe Industrial Utility Vehicle Market Overview
9.1.2 Europe Industrial Utility Vehicle Market Forecasts and Analysis
9.1.3 Europe Industrial Utility Vehicle Market Forecasts and Analysis - By Type
9.1.4 Europe Industrial Utility Vehicle Market Forecasts and Analysis - By Application
9.1.5 Europe Industrial Utility Vehicle Market Forecasts and Analysis - By Countries
9.1.5.1 Germany Industrial Utility Vehicle Market
9.1.5.1.1 Germany Industrial Utility Vehicle Market by Type
9.1.5.1.2 Germany Industrial Utility Vehicle Market by Application
9.1.5.2 France Industrial Utility Vehicle Market
9.1.5.2.1 France Industrial Utility Vehicle Market by Type
9.1.5.2.2 France Industrial Utility Vehicle Market by Application
9.1.5.3 Italy Industrial Utility Vehicle Market
9.1.5.3.1 Italy Industrial Utility Vehicle Market by Type
9.1.5.3.2 Italy Industrial Utility Vehicle Market by Application
9.1.5.4 United Kingdom Industrial Utility Vehicle Market
9.1.5.4.1 United Kingdom Industrial Utility Vehicle Market by Type
9.1.5.4.2 United Kingdom Industrial Utility Vehicle Market by Application
9.1.5.5 Russia Industrial Utility Vehicle Market
9.1.5.5.1 Russia Industrial Utility Vehicle Market by Type
9.1.5.5.2 Russia Industrial Utility Vehicle Market by Application
9.1.5.6 Rest of Europe Industrial Utility Vehicle Market
9.1.5.6.1 Rest of Europe Industrial Utility Vehicle Market by Type
9.1.5.6.2 Rest of Europe Industrial Utility Vehicle Market by Application
9.2. ASIA-PACIFIC
9.2.1 Asia-Pacific Industrial Utility Vehicle Market Overview
9.2.2 Asia-Pacific Industrial Utility Vehicle Market Forecasts and Analysis
9.2.3 Asia-Pacific Industrial Utility Vehicle Market Forecasts and Analysis - By Type
9.2.4 Asia-Pacific Industrial Utility Vehicle Market Forecasts and Analysis - By Application
9.2.5 Asia-Pacific Industrial Utility Vehicle Market Forecasts and Analysis - By Countries
9.2.5.1 Australia Industrial Utility Vehicle Market
9.2.5.1.1 Australia Industrial Utility Vehicle Market by Type
9.2.5.1.2 Australia Industrial Utility Vehicle Market by Application
9.2.5.2 China Industrial Utility Vehicle Market
9.2.5.2.1 China Industrial Utility Vehicle Market by Type
9.2.5.2.2 China Industrial Utility Vehicle Market by Application
9.2.5.3 India Industrial Utility Vehicle Market
9.2.5.3.1 India Industrial Utility Vehicle Market by Type
9.2.5.3.2 India Industrial Utility Vehicle Market by Application
9.2.5.4 Japan Industrial Utility Vehicle Market
9.2.5.4.1 Japan Industrial Utility Vehicle Market by Type
9.2.5.4.2 Japan Industrial Utility Vehicle Market by Application
9.2.5.5 South Korea Industrial Utility Vehicle Market
9.2.5.5.1 South Korea Industrial Utility Vehicle Market by Type
9.2.5.5.2 South Korea Industrial Utility Vehicle Market by Application
9.2.5.6 Rest of Asia-Pacific Industrial Utility Vehicle Market
9.2.5.6.1 Rest of Asia-Pacific Industrial Utility Vehicle Market by Type
9.2.5.6.2 Rest of Asia-Pacific Industrial Utility Vehicle Market by Application
9.3. MIDDLE EAST AND AFRICA
9.3.1 Middle East and Africa Industrial Utility Vehicle Market Overview
9.3.2 Middle East and Africa Industrial Utility Vehicle Market Forecasts and Analysis
9.3.3 Middle East and Africa Industrial Utility Vehicle Market Forecasts and Analysis - By Type
9.3.4 Middle East and Africa Industrial Utility Vehicle Market Forecasts and Analysis - By Application
9.3.5 Middle East and Africa Industrial Utility Vehicle Market Forecasts and Analysis - By Countries
9.3.5.1 South Africa Industrial Utility Vehicle Market
9.3.5.1.1 South Africa Industrial Utility Vehicle Market by Type
9.3.5.1.2 South Africa Industrial Utility Vehicle Market by Application
9.3.5.2 Saudi Arabia Industrial Utility Vehicle Market
9.3.5.2.1 Saudi Arabia Industrial Utility Vehicle Market by Type
9.3.5.2.2 Saudi Arabia Industrial Utility Vehicle Market by Application
9.3.5.3 U.A.E Industrial Utility Vehicle Market
9.3.5.3.1 U.A.E Industrial Utility Vehicle Market by Type
9.3.5.3.2 U.A.E Industrial Utility Vehicle Market by Application
9.3.5.4 Rest of Middle East and Africa Industrial Utility Vehicle Market
9.3.5.4.1 Rest of Middle East and Africa Industrial Utility Vehicle Market by Type
9.3.5.4.2 Rest of Middle East and Africa Industrial Utility Vehicle Market by Application
9.4. SOUTH AND CENTRAL AMERICA
9.4.1 South and Central America Industrial Utility Vehicle Market Overview
9.4.2 South and Central America Industrial Utility Vehicle Market Forecasts and Analysis
9.4.3 South and Central America Industrial Utility Vehicle Market Forecasts and Analysis - By Type
9.4.4 South and Central America Industrial Utility Vehicle Market Forecasts and Analysis - By Application
9.4.5 South and Central America Industrial Utility Vehicle Market Forecasts and Analysis - By Countries
9.4.5.1 Brazil Industrial Utility Vehicle Market
9.4.5.1.1 Brazil Industrial Utility Vehicle Market by Type
9.4.5.1.2 Brazil Industrial Utility Vehicle Market by Application
9.4.5.2 Argentina Industrial Utility Vehicle Market
9.4.5.2.1 Argentina Industrial Utility Vehicle Market by Type
9.4.5.2.2 Argentina Industrial Utility Vehicle Market by Application
9.4.5.3 Rest of South and Central America Industrial Utility Vehicle Market
9.4.5.3.1 Rest of South and Central America Industrial Utility Vehicle Market by Type
9.4.5.3.2 Rest of South and Central America Industrial Utility Vehicle Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. INDUSTRIAL UTILITY VEHICLE MARKET, KEY COMPANY PROFILES
11.1. AMERICAN LANDMASTER
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. DERRE AND COMPANY
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. INGERSOLL-RAND PLC
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. KUBOTA CORPORATION
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. POLARIS INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING CO., LTD.
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. TEXTRON INC.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. THE TORO COMPANY
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. TROPOS TECHNOLOGIES INC.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. YAMAHA MOTOR CO., LTD.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. AMERICAN LANDMASTER
2. DERRE AND COMPANY
3. INGERSOLL-RAND PLC
4. KUBOTA CORPORATION
5. POLARIS INC.
6. SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING CO., LTD.
7. TEXTRON INC.
8. THE TORO COMPANY
9. TROPOS TECHNOLOGIES INC.
10. YAMAHA MOTOR CO., LTD.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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